New Home Sales Continue Spring Rebound

May 24  Sales of new single-family houses improved in April, adding to the gains made in March.

The U.S. Census Bureau reported an annual sales rate of 323,000 last month, up 7.3% from March. The rate is 23.1% below that of a year ago.

In March, new home sales rebounded by 11.1% compared to February, which saw a 13.5% dip.

In April, the supply of new homes on the market declined to 6.5 months, from 7.3 months in March and 8.2 months in February.

The historically short supply175,000 homes, the smallest number since data collection began in 1963raised the median new home price by 1.6% versus the previous month. The median price of $217,900 is 4.6% ahead of one year ago.